(Emmetsburg)– Another important component in financing for POET’s Project Liberty expansion in Emmetsburg is coming together.
It was announced today (Thurs.) the company has received an offer for a conditional commitment for a $105 million loan guarantee from the U.S. Department of Energy to construct its cellulosic ethanol plant in Emmetsburg.
The 25 million gallon per-year plant will manufacture ethanol from corn cobs, leaves, husks and some stalks. Farmers began delivering biomass to the facility last year. POET officials say 85 farmers delivered some 56,000 tons of biomass. They say that will grow this year in a gradual ramp-up to the 300,000 tons of biomass Project Liberty will need annually by the time it starts operating.
POET began construction on the expansion project last year, which includes a 22-acre integrated stackyard to store the biomass delivered by area farmers.
Current plans call for construction to be completed in 2013. It’s being built adjacent to its existing grain ethanol plant in Emmetsburg.
U.S. Energy Secretary Steven Chu estimates the facility will provide an extra $14 million in revenue for farmers in the Emmetsburg area.
Chu and Agriculture Secretary Tom Vilsack say ethanol produced at the plant will replace 13.5 million gallons of gasoline annually.
The project is expected to creat 200 jobs during construction, then 40 permanent jobs at the plant.
